Chinese government proposes massive ministry shake-up

China has put forward proposals for a large-scale restructuring of its governmental departments, Reutersreport following the release of a parliament document on Tuesday, including the merger of its banking and insurance regulators and the creation of several new ministries.

Financial services regulators will also have a closer relationship with the central bank, the document said, as China continues to streamline the oversight of its financial sector in the face of growing risk from excessive debt levels.

Four new ministries are planned: agricultural and rural village; natural resources; ecological and environmental; and emergency management.

The document’s proposals are expected to be approved by parliament on Saturday.

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